UK HOUSE PRICE GROWTH SLOWEST SINCE JULY 2013

UK house prices grew by 2.5% in the year to December 2018, down from 2.7% in the year to November 2018. This is the lowest annual growth for the UK since July 2013, when house prices increased by 2.3%.

House price growth was strongest in Northern Ireland where prices increased by 5.5% over the year to Quarter 4 (Oct to Dec) 2018. This was followed by Wales and the West Midlands region, both increasing by 5.2% in the year to December 2018. The lowest annual growth was in the North East, where prices fell by 1.0% over the year to December 2018, down from an increase of 1.7% in November 2018. This was followed by London where prices fell 0.6% over the year. London house prices have been falling over the year each month since July 2018.

Full report on the Gov.uk website.

Alastair McKee, Managing Director of One77 Mortgages, commented:

A rather predictable and anticlimactic end to an erratic year where UK house price growth is concerned and the lowest rate of growth in over five and a half years will probably come as less of a shock than it may have six to 12 months.

Of course, this muted activity will have been heightened by the seasonal wind-down, however, it demonstrates the detrimental impact our current political limbo is having on consumer sentiment on both sides of the buyer-seller fence. 

But credit where it’s due, the market has certainly put up a fight and weathered all that has been thrown at it to at least finish within broad expectations at 2.5% annual growth. There are also other positives to take, with transaction levels exceeding that of last year and we’ve certainly noticed an uplift in buyer enquiries early on in 2019 which bodes well for the year ahead.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Freehold and Leasehold Reform Act-lessees can control their own destiny

Matthew Pennycock, Minister of State for Housing and Planning, has made a Parliamentary Statement regarding the future progress of the Freehold and Leasehold Reform Act 2024. The Government have formally recognised the “significant complexity of the task” and that the legislation was rushed in at the end of the last parliament and as a result…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More